Slide 1: 6M 2023 Results Presentation
6M 2023 RESULTS PRESENTATION 28 July 2023 reliable reliable energy, energy, limitless limitless potential potential
Slide 2: Important Notice: Disclaimer
IMPORTANT NOTICE Disclaimer FORWARD-LOOKING STATEMENTS This presentation may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control and all o
Slide 3: Introduction
INTRODUCTION ROGER BROWN CHIEF EXECUTIVE OFFICER reliable energy, limitless potential 3 SEPLAT ENERGY 6M 2023 INVESTOR PRESENTATION
Slide 4: Robust Financial & Operational Results
ROBUST FINANCIAL & OPERATIONAL RESULTS 6M23 performance, solid performance against a weaker macro backdrop 6M HIGHLIGHTS CORE QUARTERLY DIVIDEND Shareholder focus US 3.0 cents Core dividend raised 20% to 12c (3c per quarter) with 3M23 results 20% Operational uptime improving YoY TOTAL PRODUCTION
Slide 5: New Government: New Policy Regime
NEW GOVERNMENT: NEW POLICY REGIME The Tinubu-led administration has demonstrated readiness for business in the first two months Week of 5th June 2023 June 19, 2023 July 27, 2023 Petrol subsidies removed Appointment of Service Chiefs Ministers appointed 4 Executive Orders signed Dissolution
Slide 6: Operating Review
OPERATING REVIEW SAMSON EZUGWORIE CHIEF OPERATING OFFICER reliable energy, limitless potential 6 SEPLAT ENERGY 6M 2023 INVESTOR PRESENTATION
Slide 7: Upstream: Operating Performance
UPSTREAM: OPERATING PERFORMANCE Production remains within 2023 guidance PRODUCTION Historic production 2012 – 2023 (boepd) 6M 2023 production of 50,805 boepd (5.5 MMbbls and 21.6 Bcf) supported by higher 60,000 Liquids Gas availability of FOT 49,867 51,183 50,805 50,000 46,498 47,693 - AEP continu
Slide 8: Drilling Programme
DRILLING PROGRAMME Taking action to ensure delivery of 2023 well programme DRILLING PROGRAMME UPDATE Completed 5 wells YTD. The new well stock has been supportive, especially at OML 40. - Opuama-17, producing c. 3,000 bopd. - GB-10, producing c.1,300 bopd - GB-4 W/O c. 2,200 bopd - Sibiri-2 well h
Slide 9: Midstream Gas: Increase Capacity and Sales
MIDSTREAM GAS: INCREASE CAPACITY AND SALES Delivering long-term visibility and stability of cash flows from gas sales and ANOH gas plant Oben ANOH Sapele Improve revenues and cash generation by Deliver strong incremental cash flow Deliver incremental cash flow increasing capacity utilisation, includ
Slide 10: Financial Review
FINANCIAL REVIEW EMEKA ONWUKA CHIEF FINANCIAL OFFICER reliable energy, limitless potential 10 SEPLAT ENERGY 6M 2023 INVESTOR PRESENTATION
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS Six months to 30 June 2023 TOTAL REVENUES OIL PRICE GAS PRICE $547.0m (1) $79.5/bbl $2.87 /Mscf (6M 22, $527.0m) (6M 22, $107.35) 26% (6M 22, $2.76m) 4% 4% UNIT OPEX ADUSTED EBITDA Q2 2023 DIVIDEND $9.6/boe $235.8m US 3.0 cents (6M 22, $8.1/boe) (6M 22, $342.7m) 31% (2Q 22, US 2
Slide 12: 6M 2023 Financial Results
6M 2023 FINANCIAL RESULTS Modest revenue growth and steady profitability $ million 6M 2023 6M 2022 Change Notes Realised oil price ($/bbl) $79.54 $107.35 (25.9%) Price fell during the period due to policy normalisation across the globe Text Oil revenue 483.3 469.2 3.0% Stronger evacuation in t
Slide 13: Strong Cash Generation
STRONG CASH GENERATION Continuous strong cash generation during the period with $259.1m net cash inflows generated from operations $ million 13 SEPLAT ENERGY 6M 2023 INVESTOR PRESENTATION reliable energy, limitless potential
Slide 14: Impacts of Naira Devaluation
IMPACTS OF NAIRA DEVALUATION Naira devaluation results in a net FX loss on revalued assets & liabilities Event Impact Impact On June 14, 2023, CBN unified the multiple exchange rate windows Component Comments NGN USD - The closing rate for June 2023 was adjusted to NGN753.01/US$, a notable Gas sal
Slide 15: Robust Capital Structure
ROBUST CAPITAL STUCTURE Conservative financial policies and strong cash generation underpin sound capital allocation to maximise returns Approach to managing liquidity Net Debt/LTM EBITDA • Target cash generated from operations to be at least 50% of revenues 1.2x • Maintain $150m cash base to suppor
Slide 16: Outlook
OUTLOOK ROGER BROWN CHIEF EXECUTIVE OFFICER reliable energy, limitless potential 16 SEPLAT ENERGY 6M 2023 INVESTOR PRESENTATION
Slide 17: Delivery of the Plan 2H2023
DELIVERY OF THE PLAN 2H2023 Capex guidance for FY23 – supporting our drilling plan Priorities for 2H 2023 Operational Execute recovery plan to ensure delivery of remaining wells Continue to address natural decline and develop alternative export routes to improve revenue assurance Growth Progre
Slide 18: Outlook & Guidance 2H 2023
OUTLOOK & GUIDANCE 2H 2023 DELIVERING GUIDANCE STRATEGIC GROWTH FISCAL STRENGTH PRODUCTION 2% GAS MONETIZATION OPERATING CASH FLOW 50,805 boepd 1H23 ANOH First Gas $259 million Unchanged guidance: 45-55 kboepd Key project items to complete in 2H23 Evacuation assurance supporting cash CAPITAL INVESTM
Slide 19: Contact Us
CONTACT US Lagos London reliable energy, limitless potential 19 SEPLAT ENERGY 6M 2023 INVESTOR PRESENTATION